The Bank of New York Mellon (New York), has released Global Trade Finance Solutions, a comprehensive, modular suite of supply chain process management products.
Tailored to the needs of both corporate and bank users, Global Trade Finance Solutions provides an online platform for complete, end-to-end management of transactional details, processing issues, and critical information along every step of the supply chain process. Key to the offering is Trade Workstation, a Web-based portal that integrates all of the essential functionalities of both letter of credit and open account transactions into a single on-line platform, enabling users to process and manage the full scope of their global trade finance transactions electronically from any Internet location on a 24/7 basis, says the bank.
Specific Global Trade Finance Solutions functionalities include purchase order transmission and initiation; document review using scanned images of all underlying trade documentation; transaction communication and on-line approval; funds transfer in settlement of these transactions; payables discounting; and trade reporting. Global Trade Finance Solutions is best suited to the needs of smaller banks that may be finding it difficult to make the investments required to keep pace with advances in trade finance-related technology.